Business Directories

Aldar denies delisting plans

Abu Dhabi, December 21, 2011

Abu Dhabi's Aldar Properties has no plans to delist from Abu Dhabi stock exchange, the company's deputy chief executive officer said on Wednesday, dismissing speculation that a major government shareholder may take the developer private.

Share of the developer slumped 4.7 per cent in early trading on Wednesday, hitting a low of Dh0.79 ($0.22), before recovering to Dh0.81.

Aldar's year-to-date losses has extended to around 63 percent, underperforming the Abu Dhabi market, which is down 12.7 per cent this year.

Mubarak dismissed the talks about delisting as 'rumours'.

Aldar's share price was diluted on Thursday after it converted a portion of bonds held by state fund Mubadala Development Company into shares. It could eventually take Mubadala's stake in the developer to nearly 60 per cent.

In January, Abu Dhabi stepped in with a $5.2-billion support package for the struggling flagship developer.

The rescue plan included the sale of its key assets such as the Ferrari World theme park, located on Yas Island.-Reuters